Monday, 27 January, 2020

Wall Street hits fresh highs on talk of trade deal signing

A television on the floor of the New York Stock Exchange shows ongoing discussion of US President Donald Trump's impeachment by the House of Representatives the morning after on Dec 19 2019 US: Wall St edges higher after jobless data; market shrugs off impeachment
Irene Mckinney | 23 December, 2019, 00:40

The major US stock indexes have climbed to record highs as investors welcomed the news that Washington and Beijing had taken steps to cool their trade conflict. In fact, Canadian markets will be more open to USA dairy products and poultry under the treaty.

USA stocks were set to open almost unchanged from record highs on Friday as investors stayed optimistic that Washington and Beijing would sign a long-awaited trade treaty early in the new year.

Meanwhile, the technology-focused Nasdaq Composite Index gained 0.7% to finish at 8,887.22.

Mnuchin's comments come just a week after the USA and China reached an agreement in the phase one deal, which included tariff relief, increased agricultural purchases and certain structural changes to intellectual property and technology issues.

All 11 of the main S&P 500 industry groups increased for the week, led by a 2.7 percent gain in utilities. The Shanghai Composite index shed 0.2% to 3,012.02.

US stock indexes pushed higher again on Friday, and the S&P 500 was on track to close out its 10th winning week in the last 11.

The Russell 2000 picked up 33.93 points, or 2.1%. Shares fell in Taiwan and most of Southeast Asia.

Defense official: United States will meet N.Korea threat
According to South Korea's military, the North Koreans fired two short-range projectiles into the sea off its east coast on November 28.

A crucial reason behind this approval is the treaty's vast opportunity for USA farmers, manufacturers, workers and consumers, since it opens Canadian and Mexican markets for US -manufactured products.

"You're seeing the geopolitical risk that was in the market seep out now", said Brent Schutte, a chief investment strategist for Northwestern Mutual Wealth Management. Several companies were climbing in the early going Friday after reporting quarterly results that came in head of analysts' forecasts. That's mostly because they see it as extremely unlikely that he or his market-friendly policies will leave office before the end of his term.

Stocks ended at record highs again Friday to cap a week of solid gains as geopolitical risks abate toward the end of a blockbuster 2019.

A gauge measuring how anxious traders are about upcoming swings for the S&P 500 rose only 0.6%.

Still to come, Kansas City Federal Reserve manufacturing activity figures for December will be published at 1600 GMT. The pace of sales of previously occupied homes also weakened last month, as more Americans get priced out of the rising housing market.

COMMODITIES: Benchmark U.S. crude oil fell 74 cents to $60.44 per barrel. Brent crude, the global standard, fell 46 cents to $66.08 per barrel.

The dollar rose to 109.60 Japanese yen from 109.49 yen on Tuesday. The euro was unchanged, at $1.1121.

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